15-24-1101. Federal property held under contract by private person subject to taxation. Real or personal property of the United States or any department or agency of the United States held under contract of sale, lease, or other interest or estate in the property by any person for the person's exclusive use is subject to assessment for ad valorem property taxation as provided in this part. However, this part does not apply to real property held and in immediate use and occupation by this state or any county, municipal corporation, or political subdivision in this state.